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demand for energy out there. not only here, but in the world. so i'm just hoping that the stocks can hold on to their gains by keying off better housing numbers, which won't help oil but could certainly add to equities. i think the equities are going to have a hard time ignoring what the oil seems to be signaling. >> all right. we'll leave it there. thanks for your insight. leave it here. we have more on the oil slide on this busy wednesday edition of the "closing bell." >>> oil continues its slide but boone pickens says that's all the more reason to focus on natural gas. we'll find out why he thinks that's the way of the future and the auto industry. >>> then, he wants to know why no one on wall street is in handcuffs yet over the financial crisis. find out exactly which ceos he blames and what he says the department of justice needs to do right now to punish them. >>> plus, home builders are soaring but short sellers are hot on their trail. we're bringing in experts to look at the state of the recovery and which side of the housing trade you should be on. it's all coming up on the "clos
couple of days. is that a buying opportunity on energy? do you look at energy stocks? how do you want to play it? >> there's lots of ways to play the game. you can buy big oil. you can buy the pipelines, buy the drillers, buy etfs. buy something. the bottom line is america's going to have to take the lead in turning this ball game around. then you'll see what happens in the rest of the world. >> david, this weakness does have your attention. it's affected the way you trade this market, yes? >> i think more and more, bill, europe is slowing more than expected. china's not going to grow 7%. it's more likely to grow 5%. the u.s. is growing at 2% and probably 1.5% in the first half of next year. yet, the s&p 500 is like this heavyweight champion. it keeps absorbing body blows after body blows. up better than 16% total return this year. as much as i dislike china and europe slowing, i think you want to be a net buying with the simple caution we're due for a 5% correction probably between now and early 2013. if you get that, you have to be a net buyer because companies are still on average
is the energy sector. with all the fracking going on, anything related to fracking. we have rail cars that carry sand. you can't get them. they're very, very valuable right now. any type of car that really isn't associated with the energy sector. that's one of the hottest sectors right now. >> an look where oil is. that makes sense with the momentum there. >> retailers, it's more mixed. some of the retailers are doing okay. some of them are not. it's much more of a mixed picture. >> the international story, is that part of their business? or is this largely a domestic set of companies we're looking at? >> no, these companies are primarily domestic. most of their business is in the u.s. more than half of their employees are here in the u.s. this is primarily a u.s. base. >> given your background, you were there at those meetings at the federal reserve during the financial crisis. how does it feel to you today versus where we were in 2008? >> well, it's much, much better. 2008 was an incredibly difficult time, certainly the worst period of time in my career. even though europe still has a lot of p
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, but i've got to tell you, we got a growth plan including the tax cuts at the energy plan, the trade, we're talking $12 million over ten years. it's a powerful plan. and the governor's message and including the tax reform piece of it that's going to lower the transaction costs of the code and contribute to growth. and the message is received. he will continue doing all that. but he's going to talk about -- >> i'm not a happy camper. i'm not a happy camper. >> it's half your value, larry. >> it's not about you, but you know my views. anyway, thank you. i'm sorry i interrupted. i know you worked hard to get on the set and help us tonight. i totally apologize for my interruption. >> not at all. >> jim talent, and now a senior economic adviser with the romney campaign. i thank you. i thank you. >> thank you, larry. >> let's get reaction from our panel who i hope heard that little discussion. ed rendell is back, former dnc chairman, former pennsylvania governor. american enterprise institute fellow, former george w. bush speech writer. ed rendell, if i may, you must have loved hearing that. m
in energy, food. >> absolutely right. and what's critical is that everybody now believes there will be some extra inflationary pressure in the system and that's extremely good news. luckily i think the risks are off the table and one can be supportive of equities in terms of higher valuations until inflation gets in excess of 4 percentage points, at which point people begin to worry about what will happen to the quality of earnings. >> the key thing here is the corporate take of gdp has never been at such a high level versus -- and wage earners take gdp as a pretty low level on a historical basis. i suppose the question is that going to remain or is there anything that will tip the employee share back? at which point things will change. >> you're right, it's pivotal to the levels and whether they can be maintained. there are two factors that allow me to feel more confident. first is the government policies are pro recovery coming from corporate as opposed to try and get workers to have higher incomes workers themselves don't have price impact power in the marketplace. global trend is still
. >> thank you so much, rick. let's check out the latest moves in energy and metals. sharon at the nymex. >> the momentum here definitely in the metals market. i'm standing in the gold pit. gold prices went above $1,794 an ounce. a lot of investors may have looked at the s&p 500's returns, that's decent. but gold up over 10% in the last quarter. silver up over 25% in the last quarter. they want some more of that in the fourth quarter. and we're looking at that here in the metals market. also looking at momentum taking over, the weak sentimental data out of china in terms of the oil price. the oil prices here are a little bit of a bid for oil. the fact that they lowered a mix a little while ago before the open on the weak data out of china on their manufacturing numbers. in terms of the biggest mover here in the commodities space, definitely it is natural gas. natural gas at a ten-month high. natural gas here above 3.40. some are saying that $3 gas is sustainable here even if we don't see the same focus on coal to gas switching. still going to see higher natural gas prices. back to you. >
be coming to the fore. . there's an underlying macro cramer, but a lot of changes going on. energies and energy efficiency. many aspects to it. >> other stories today, a bid to prevent another financial crisis, the review led by bank of fin len governor is expected to call for a separation of retail and investment operations. the report will also call for bonuses to be paid in debt. we'll hear from the central bank later today. meanwhile steve hester has called for banks to readjust back to a more customer focused approach. speaking at the london school of economic, he said lenders need to restore good customer service to regain trust of the public and rbs is the poster child for what went wrong in banking. and eric snyderman is suing jpmorgan. the suit partly the result of a federal mortgage task force formed in january. investors lost around $22 billion and more than 100 securities. jpmorgan says the suit involves actions taken at the behest of the u.s. government. jpmorgan stock closing up 1.2%. and "new york times" says u.s. senate will try to use the lame duck session to reach a
in a little bit. >>> the latest moves out of energy. what a day it was yesterday. sharon epperson is at the nymex for us. good morning. >> reporter: good morning, carl. looks like it's going to be another busy day in the commodities market. we have speculation we may see more stimulus out of china helping support many commodities. oil and gold higher. gold near that 1770 level. keep in mind, the south african mining issues that were plaguing the industry are also plaguing gold, that also helping support gold prices. in terms of the oil price, we're also watching what is happening here in new york with the u.n. with israeli prime minister speaking about iran, today set to really lay out whether or not there should be a firm deadline here in terms of iran's nuclear ambitions. and we're also watching, of course, what's happening technically, brent crude above the 200-day moving average earlier in the session and wti bouncing back after falling below $90 a barrel in previous session. but the standout commodity most certainly is gasoline. gasoline futures continue to soar again today.
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.29. but the pressure on energy has come as a big surprise and it has been fairly relentless. also the ten year note if you take a look this morning, you'll see the yield at 1.64%. the dollar is a mixed picture. it is stronger against the euro, though. down against the yen. euro trading at 1.2056. and gold prices very quickly you'll see they're bupup about $4.10. >> even google, a birthday cake comes up. >> what? >> did you see this? >> you, there it is. >> this comes up as a birthday cake because it's google's 14th birthday. but they can always go to google on their birthday and think that it's all about them. >> that's great. >> can you see the future, though, as we were all sitting in cars all going the same mf-no we're all going the same speed, you look -- everybody's in the same formation. and at lunch they sefsht michelle obama lunch, you get like one asparagus and one sprout, no big gulps. 15.9 ounces of a coke. that is our future. i just saw it. and i don't like it. >> phil is defending it, he said you can take control at anytime, but you don't have to just sit in the car, you can -- >> did
so we can all produce energy more safely. i want you to know, there's another commitment bp takes just as seriously: our commitment to america. bp supports nearly two-hundred-fifty thousand jobs in communities across the country. we hired three thousand people just last year. bp invests more in america than in any other country. in fact, over the last five years, no other energy company has invested more in the us than bp. we're working to fuel america for generations to come. today, our commitment to the gulf, and to america, has never been stronger. >>> our guest host craig barrett, former chairman and ceo of intel. it's really good to have you. this is like twice in the last three weeks you've been on, isn't it? >> it's a pleasure to be with you guys. >> we'll talk tech, first of all, do you feel total, do you feel like a generation wire? are you totally insync with everything in technology now or do you harbor any resentment to all this new stuff, craig, having been at intel in the glory days? >> hey the beauty of tech is everything changes every year or every six months and t
picture is the department of energy. their inventory, if you look at at the tall stocks for the five-year seasonal average, is sitting right around 370 million barrels. that's their inventory. the five-year seasonal average is down about 325, so we're 10% over. remember last week we had a build of 8.5 million barrels. this week we're expecting a build of two million. if you see in about an hour when oil prices and the d.o.e. releases their stocks, you'll probably see oil take that next leg lower. >> let's switch gears and talk about gold as well as silver, for that matter. silver has been handily outpacing gold this year, so i'm wondering if traders are seeing the silver trade having more upside. granted, it's a less liquid market. but maybe going into the final quarter of the year, that's the bet that's in place. >> the silver trade has rallied about 20% in the last two months. it is technically an industrial metal. it has gotten a boost because of the qe hype. traders are thinking that that's the cheap metal to get into, but with prices up at 33.5, i think that they're a little bit
well in the green with chinese energy majors and banks leading the gains. elsewhere the nikkei also finished higher helped by utilities and financials. but sharp shares slipped nearly 4% despite reports on a financial life line from its major lender. some units tanked following the parent company bankruptcy filing. bank and miners helped the australian markets end a three day losing streak closing higher by half a%. and the sensex trading along the flat line at the moment. back to you. >> thanks very much. pippa, it's almost a battle of markets this morning between spain and china, between kind of the macro europe uncertainties we were just talking about in the sense that policymakers whether do more. but there's the sense that it's just not enough. >> we are seeing in emerging markets, workers are saying i need to get paid a lot more. and if you don't pay me more, i'm going to protest one way or another. so foxconn had to basically shut down operations because they're all protesting, rioting. now, they're getting 25% wage hikes. but it's not enough given the pace at which food and
of the reason oil was below 90 in the first place. then the report from the energy department showing gasoline demand went down but it was distillate demand that went down sharply. down over 8%. that lets you know there are big demand concerns as well weighing on the price of crude. in terms of gasoline, it spiked around 11:30 after reports of a refinery explosion in canada at irving refinery. this is one of the largest refineries in mother america. 300,000 barrels per day adding to the issues we have been talking about that put tightness in the gasoline market over a period of time. this spike of 11 cents we saw in gasoline futures was most pronounced in the front month contract. we are seeing a big amount of price action in the spreads. keep an eye on november and december gasoline contracts as well. >> to politics now. as we mentioned president obama and mitt romney hitting the spring state of ohio in duelling events. the president speaking ott bowling green university. governor romney in bedford heights, pushing his economic plan to business leaders there. the polls show the president is h
't exploited the full potential, we have alternative source of energy like solar energy or wind energy, we have agricultural output that we don't take advantage of, so there are ma so many resources and opportunities in greece, it's not a matter of the private sector doing poorly or a lack of resources, but it's rather how the state is operating, we have a big public sector as you know, we have tax evasion and we have no privatizations. if we change these things if we're not a state controlled economy but instead a private controlled economy we can see a different picture and to me by staying in the european union this is where we should concentrate. it's not how much you value the currency or you divide the labor cost but what kind of economy you are, where you wish to go. >> that's similar to the debate we seem to be having here in the united states. thanks so much for joining us this morning and congratulations on your deal and good luck with it. >> thank you very much. >> thanks for playing, sam. that was helpful. good to have you on the set. >> just look at that shot, crumbling infrastruct
like the energy more than we like the materials. so i think that is one thing that we're looking at in terms of sectors. health care looks very cheap, although with good reason given all the regulatory uncertainty here with the election coming up. yeah, so that's basically it. >> all right. thanks, everybody. we appreciate it. see you soon. we're in the final stretch here. just 12 minutes before the closing bell sounds. we're at the lows right new with the dow down about 86 points. >> coming up, it's all anybody's been talking about, that blown call that decided the packers/seahawks gain me by a replacement ref. why some don't think it will do a thing to end the referee lockout. someone who knows all too well is going to explain coming up. now, that's what i call a test drive. silverado! the most dependable, longest lasting, full-size pickups on the road. so, what do you think? [ engine revs ] i'll take it. [ male announcer ] it's chevy truck month. now during chevy truck month, get 0% apr financing for 60 months or trade up to get the 2012 chevy silverado all-star edition with a
up with the energy stocks, the whole complex moved up on the weaker dollar. >> and we have -- thank you, bob. we have an out performance on tech stocks. certainly at the nasdaq. sima mody has more on that this lunch time. >> seeing somewhat of a relief rally in tech this morning. and that's partly thanks to apple, sheeg a relief rally in apple after three days of ending in negative territory. even today ubf cutting its iphone estimates yet reaffirming its buy rating on apple, shares up 2%. google continuing its ride higher, celebrating its 14th birthday, and also evercorps gifting goog well a price target increase. stock up about .2%. also want to point your attention to research in motion, earnings after the bell, so we continue to watch the stock. and yahoo. google today reinstating coverage on the stock with a buy rating. back to you, simon and sue. >> thank you very much. seema mody. two key reports out after the bell. we're going to get you ahead of the game on both of those when we look at nike next. rim also reporting. how much trouble are they in? how much is discounted into
before we get going on that. how much of an impediment as well is oil and energy prices going to be? it's still high bearing in mind the weakness of the global economy. >> it's a straggling problem with gasoline prices over here. two months in the average price of gasoline per gallon was what 2.44 and -- sorry, 3.44 now up to 3.84. and around the northeast here, we're paying well over $4 a gallon. so it is an impediment. it's only 11% of overall retail consumption. so i think we've largely gone over that sticker shock. we've become accustomed and i think consumers compensate for that in the wage packet. >> all right. andrew, stick around. more to come from you. we'll dig in to the housing market a little bit later. also still to come, we'll bring the latest on the education nation summit. >> and we'll preview president obama's speech at the u.n. general assembly. >>> welcome back. here are the headlines. caterpillar cuts it forecasts and merkel says sharing debt won't solve it crisis. draghi will be delivering the key note speech. >> and president obama set to address the u.n. general a
Search Results 0 to 18 of about 19